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FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre - Politics - Nairaland

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Local Refining Will Reduce Petrol Price By N70/ltr – Marketers / NNPC: Subsidy Removal To Reduce Petrol Consumption By 30% / FG To Reduce Petrol Price To ₦130 From ₦145 (2) (3) (4)

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FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by L3unamm3(m): 12:43am On Apr 01, 2020
The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre.

Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide.

It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in Abuja.

Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review of Premium

“Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.

“The guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April 2020. PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.”

It added, “Members of the public and all oil marketing companies are to be guided accordingly.”

The spokesperson for PPPRA, Kimchi Apollo, had told our correspondent at 7.30pm that stakeholders had been meeting on the new price since Tuesday morning.

Officials from the Central Bank of Nigeria, Nigerian National Petroleum Corporation, oil marketers and labour unions, among others, who constitute the petroleum products price modulation committee attended the meeting.

On March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol, the PPPRA declared that there was the possibility of a new price regime for the PMS beginning from April 1, 2020.

It explained that the N125/litre price might last till the end of March, as a new cost for petrol might be introduced on April 1.

Saidu had told journalists that the PPPRA would be undertaking a review of the PMS price and would announce a new price for the product on April 1 (today) if there were changes in the parameters used in determining the N125/litre pump price.

In another development, the Transmission Company of Nigeria on Tuesday announced an improvement in power generation.
https://punchng.com/nnpc-cbn-pppra-marketers-meet-on-petrol-price/?amp=1

2 Likes 2 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Lanretoye(m): 12:57am On Apr 01, 2020
Sauce pls.

2 Likes

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by SocialJustice: 1:03am On Apr 01, 2020
Petrol should be selling for under N100. If not for NNPC greed and fraud, this is the time to truly deregulate petroleum products.

178 Likes 5 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by senatordave1(m): 1:28am On Apr 01, 2020
Lanretoye:
Sauce pls.
Air m and channels aired it.nice move from buhari.up buhari

7 Likes 3 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by hardcore007: 1:41am On Apr 01, 2020
Demand is very low all over the world. Which made the price crash drastically. The government should actually put the price down so we can buy enough . No be we cause am.

67 Likes

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Yankee101: 1:55am On Apr 01, 2020
As crude gets cheaper, gas should get cheaper

49 Likes

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Tocynone(m): 1:56am On Apr 01, 2020
FG should make it N50/liter

133 Likes 9 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by jideflash(m): 2:03am On Apr 01, 2020
This na April fool

20 Likes 2 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Lush100(m): 2:17am On Apr 01, 2020
under lockdown? we go see oh , how many days this reduction will last

1 Like 1 Share

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by encriagona: 3:40am On Apr 01, 2020
what is the difference between 5&6

89 Likes 3 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by CodeTemplar: 4:19am On Apr 01, 2020
This our abrakadaba subsidy is something else.

Price of crude comes down by over 50% but we are only able to see a marginal decrease of arou d 10% in petroleum product prices. How on earth is that possible?

That's magical arithmetics only possible in Nigeria.

92 Likes 2 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by DatIgalaDude: 4:29am On Apr 01, 2020
This Government na joke

23 Likes 1 Share

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Bevista: 5:19am On Apr 01, 2020
A lot of folks saying price should be much lower due to the dramatic crash in crude oil prices.

Unfortunately, crude oil accounts for only around 50% of refining cost. Other costs such as personnel, administrative, shipping, insurance, taxes, etc are still either constant or gone higher.

It's important to keep that in mind when forming our expectations on what the ideal fuel pump price should be.

23 Likes 5 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Lilshorecords(m): 5:19am On Apr 01, 2020
S
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Yankiss(m): 5:20am On Apr 01, 2020
Good one. Not only reduce but enforce the reduction at various filling stations using DPR.

7 Likes 4 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by captainamiedi1: 5:20am On Apr 01, 2020
Even the 125 naira. petrol station in awka still sell for 145 naira. typical igbo man.

15 Likes 1 Share

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by KomonSense: 5:20am On Apr 01, 2020
Mad government...

Filling stations are yet to comply with the first one and they're still reducing it again....

Why are we deceiving ourselves naa?

Reduce fuel to 80 naira , that will make sense...

6 Likes

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by iammo(m): 5:21am On Apr 01, 2020
undecided


they should be reasonable and select a round figure.. besides transport activities have badly reduced and they might drink their petrol themselves at NNPC.. this is the problem that happens when FG decided to import all petrol by itself and gave lisence to import to their friends only, now they have their money (possibly loan) tied down to petrol product in tank farms..

I was out for a walk and I couldn't believe my eyes, bike men were very many everywhere without passenger, and where dragging people like olosho drags customers in a brothel, you could see the hunger in them.. I wonder what would happen to the bikers if this seat at home last for a month or two


.

8 Likes 2 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by chelseamann(m): 5:21am On Apr 01, 2020
Make it N100 make we fit power our Gen wella since EEDC no fit power us.

6 Likes

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by helinues: 5:21am On Apr 01, 2020
I thought they have reduced the price.

Which one is ' To' again?

1 Like 2 Shares

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by virginboy1(m): 5:22am On Apr 01, 2020
E remain to reduce the Price of Kerosine. undecided
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Nobody: 5:23am On Apr 01, 2020
April fool �
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Iamvetlander(m): 5:23am On Apr 01, 2020
Hmmm. This is getting Real.
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by GreatResearcher1: 5:23am On Apr 01, 2020
Was better they didn't remove. Transport fare is increasing

1 Like

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by RichDad1(m): 5:23am On Apr 01, 2020
What’s all these crap. These people don’t rate us.
Talking about m deregulation, fuel shouldn’t be sold more than #85. Why are they still pegging the price?
Somebody up there at NNPC and PPPRA needs their heads check.

3 Likes

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Nobody: 5:23am On Apr 01, 2020
CodeTemplar:
This our abrakadaba subsidy is something else.

Price of crude comes down by over 50% but we are only able to see a marginal decrease of arou d 10% in petroleum product prices. How on earth is that possible?

That's magical arithmetics only possible in Nigeria.

There’s no magic - we are still buying and transporting other countries refined petrol .
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by evansjeff(m): 5:24am On Apr 01, 2020
Good move. Let it keep going down until it gets to at least #100.
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Skyebestpropert(m): 5:24am On Apr 01, 2020
Breaking news,ncdc confirm president buhari Corona positive status.check profile for detail
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Franking: 5:26am On Apr 01, 2020
Has the subsidy money reduced? Buhari is truly fighting corruption. We are reaping what we sowed.
Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Nathphil(m): 5:26am On Apr 01, 2020
And dem still dey sell 145 for hia. Wetin man Neva see for this 2020

1 Like

Re: FG To Reduce Petrol Pump Price From ₦125 To ₦123.5 Per Litre by Commanderinpips: 5:26am On Apr 01, 2020
Lanretoye:
Sauce pls.

No be only sauce na jollof rice

4 Likes

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